New home closings in the Las Cruces, NM market slid year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 42 a year earlier to 15 after the figure moved from 40 in May 2015 to 13 in May 2016.
A total of 366 new homes were sold during the 12 months that ended in June, down from 393 for the year that ended in May.
New home closings accounted for 5.0% of overall housing closings. This is down from the a year earlier when new home closings accounted for 13.3% of total closings. Following a year-over-year rise in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
In June, the average per-unit price of new homes declined by 2.0% year-over-year to $216,315. This fall compares to a 7.7% hike in May year-over-year.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. In June 2016, the average mortgage size on newly sold homes saw a 3.0% decline from a year earlier. Average mortgage size on new homes went from $184,246 in May 2015 to $200,357 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size slid 5.7% year-over-year to 1,839 square feet in June 2016. The average size of newly sold homes moved from 1,907 square feet in May 2015 to 1,883 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 15.0% of closings, below 18.2% a year earlier. The percentage of existing home closings involving foreclosures went from 5.1% in June 2015 to 5.9% in June 2016 and REO closings as a percentage of existing home closings declined to 9.1% from 13.1% a year earlier.